9 Computer and Laptop Financing Options for Individuals With Bad Credit

Benjamin Cornell
Reading Time: 6 minutes

If you are someone with bad credit, it can often feel difficult or impossible to receive financing options for larger-ticket items such as a computer. Many individuals need computers for work or school, and if you are unable to pay in cash, your credit situation could leave you feeling discouraged.

Although you may feel the initial effects of bad credit, it is not impossible to get a loan with bad or no credit — you have options. As a bonus, the options listed below will often help you improve your credit score.

Personal Loans for Buying a Computer With Bad Credit

A personal loan for people with bad credit is a great way to purchase a computer. Personal loans differ from how credit cards or revolving lines of credit function, but they are similar in some ways. Below are five examples of personal loan options for individuals with bad credit who are trying to purchase a computer.

CashUSA.com

CashUSA.com helps connect individuals with bad credit to the right lender for their financial situation. It is free to apply, and the site explains how your personal information is protected using advanced encryption technology.

CashUSA.com will pair you with an appropriate lender (or multiple lenders). You can choose to accept or decline the offer(s), but once you accept an offer, you can receive funding as early as one business day.

The exact terms will vary depending on the lender that you are approved for, but according to their site, their generalized loan terms are as follows:

  • Loan amount: $500 to $10,000;
  • Annual percentage rate (APR): 5.99% to 35.99%;
  • Loan term: Three months to 72 months;
  • Eligibility requirements: At least 18 years of age, U.S. citizen/permanent resident, checking account, valid email address, and valid phone number.

BadCreditLoans.com

BadCreditLoans.com pairs consumers with reliable lenders or financial services to help match borrowers with a loan that fits their personal needs. This site specializes in working with individuals with bad credit.

The service is 100% free, and you can apply online in three simple steps. The information you need to provide to apply is protected using advanced encryption technology, so you can apply with peace of mind.

Since BadCreditLoans.com is not a lender, they will not set your loan terms. Loan terms will vary depending on the lender you are paired with, but BadCreditLoans.com provides the following loan term estimates and requirements:

  • Loan amount: $500 to $5,000;
  • APR: 5.99% to 35.99%;
  • Loan term: Three months to 60 months;
  • Eligibility requirements: At least 18 years of age, proof of citizenship, checking account, valid email address, valid phone number.

PersonalLoans.com

PersonalLoans.com helps link consumers and viable lenders together using a large lender database. The site indicates how it is more than willing to work with individuals with bad credit.

The service is free to use, but it should be noted that PersonalLoans.com is not a lender, so the lender may still have different fees such as an origination fee. You can apply online and your personal information is protected by data encryption.

PersonalLoans.com offers the following generalized information on its site regarding the loan terms offered by its lenders:

  • Loan amount: $500 to $35,000;
  • APR: 5.99% to 35.99%;
  • Loan term: Three months to 72 months;
  • Eligibility requirements: At least 18 years of age, proof of income, checking account, valid email, valid phone number.

MoneyMutual

MoneyMutual helps borrowers find lenders that will work with their current financial situation. The platform specializes in pairing borrowers with bad credit with short-term lenders.

This marketplace platform is simple to use and it doesn’t cost borrowers a thing. You can apply online without worry because the site indicates how it uses data encryption to protect your personal and financial information.

MoneyMutual provides the following loan term information. Again, MoneyMutual is not a lender, so the numbers below are subject to change:

  • Loan amount: $100 to $2,500;
  • APR: Varies depending on the lender;
  • Loan term: Varies depending on the lender;
  • Eligibility requirements: At least 18 years of age, receiving at least $800 per month in regular income, checking account, valid email, valid phone number.

CreditLoan.com

CreditLoan.com uses its lender database to help connect borrowers with lenders. A whole section of the site is dedicated to providing relevant borrowing information for borrowers with bad credit.

Simply apply online using the free, secured platform and you will receive notice instantly with different lender offers. Once you accept an offer, you can receive funding in as little as 24 hours.

CreditLoan.com is not a lender, and loan terms may vary between lenders. CreditLoan.com provides the following loan term information:

  • Loan amount: $250 to $5,000;
  • APR: Varies depending on the lender;
  • Loan term: Varies depending on the lender;
  • Eligibility requirements: Varies depending on the lender.

Store Financing Options for Buying a Computer With Bad Credit

There are stores — both physical and e-commerce — that have different programs for working with people who have bad credit. Some examples include leasing options, in-store financing, and buy now, pay later programs. Below are four examples of organizations that will offer some form of financing for computers.

Best Buy

Best Buy offers a progressive leasing program to help users lease to own different technology. The Best Buy site acknowledges how there is no credit necessary, but it doesn’t necessarily mean that all applicants are accepted.

You can apply online in just a few minutes and upon completing your application, you receive an instant decision. You must create a Best Buy account to apply. There are two payment options:

  • 12-month standard agreement — The lowest recurring payment option;
  • 90-day purchase option — You make lease payments for the computer for 90 days, then you must buy the item outright (minus your lease payments).

Both agreements come with an option for early buyout. If you participate in an early buyout, you can receive a large discount on the lease balance.

Best Buy provides the following important leasing program information:

  • Approval is based on several factors but it focuses primarily on your employment/income, and your banking history;
  • You must have an active checking account and a credit/debit card to lease a computer;
  • You must be at least 18 years of age to apply;
  • You must have a valid Social Security number;
  • The leasing program is unavailable for borrowers living in Minnesota, New Jersey, Vermont, Wisconsin, Wyoming, and Puerto Rico.

Luther Sales

Luther Sales offers a buy now, pay later program on qualifying computers. The site explains that there are special options for people with bad credit who need computer financing.

You can apply online in minutes and Luther Sales offers same-day approval. It is free to apply, all you need to do is create an account (which is also free). Luther Sales offers 93 different computers that qualify for this program.

 Luther Sales offers the following buy now, pay later program information:

  • Up to 36-month terms;
  • Free delivery and tech setup;
  • Your approval is based on work history/income.

Montgomery Ward

The Montgomery Ward buy now, pay later program allows borrowers to receive their computer immediately, and pay at a later date. The application process is simple as it comes.

First, shop for your items. Once you have found the computer that fits your needs, check out and select “Wards credit” as a payment option. The site will ask you a few questions, and you will either be approved or denied immediately.

Montgomery Ward provides the following program information on its site:

  • APR for purchases ranges from 5.75% to 25.99%;
  • You can avoid interest by paying your monthly balance on time every month;
  • This program is open-ended, so it does not have a definitive term length;
  • If you are denied, the site offers flexible down-payment options that can help you get approved;
  • You can pay off your balance early without any fees.

FlexShopper

FlexShopper is an e-commerce leasing site. The site clearly states that if you have bad credit, it is not a problem. Simply create an account, apply for a lease online, shop for a computer, and sign an electronic lease agreement to get your product shipped to you.

As long as you make all of your payments for an entire year, the computer is yours (although you can pay off the lease early after nine weeks of payments).

FlexShopper offers the following leasing information:

  • Borrowers who earn at least $1,000 per month are automatically approved for a $2,500 spending limit;
  • You will be charged weekly for your computer, and the amount you are charged each week depends on the price of your computer;
  • If you are deemed high-risk, you may need to provide a down payment or a security deposit;
  • If you lease multiple items, you can receive a better price. FlexShopper offers a $50 discount for your second item, and $50 for every additional rental;
  • After 42 on-time payments, you will receive a credit on your account towards your next item leasing.

Additional Considerations

Just because companies are willing to work with borrowers with bad credit, doesn’t mean that you are automatically approved for a personal loan or some other form of funding for your computer. If you are denied initially, you have a few additional options:

  • Work on improving your credit score and reapply at a later date;
  • Get a co-signer;
  • Save money and pay in cash;
  • If you are a student, take advantage of technology funding options offered by the U.S. Department of Education;
  • If you need the computer for work, talk to your employer about options like a payment plan where your employer pays upfront, and then they take set amounts out of your paycheck each month.

You should also be aware that when you have bad credit, you are considered a high risk to lenders. When you are high risk, you can almost always expect less tolerable loan/financing terms like more money down, or a high APR.

Lastly, bad credit personal loans create the perfect breeding ground for personal loan scams, so be careful and do your research before getting into anything.


Image Source: https://depositphotos.com/

 

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